Money Transfer Frequently Asked Questions Answered

With an ever growing demand for money transfers overseas due to globalization and immigration there are an increasing number of ways to transfer money overseas. Here are a few rules to guide you and some frequently asked questions that you may find it useful to discover the answers to.

Banks are viewed as trustworthy and offer secure services but are generally slower and more expensive for smaller amounts of money transfers. For large money transfers they offer security and usually a slightly better deal than these operatives such as MoneyGram and Western Union. Banks usually require you to have a bank account with them in order to use their money transfer services. They also tend to target people transferring large amounts of money.

Private money transfer companies however target regular senders of smaller amounts of money and generally have smaller transfer fees. They are often able to transfer money in minutes as opposed to banks whom can take up to ten days. Companies such as these usually have more options when it comes to collecting your money whereas banks have fewer outlets in more central areas.

Is the company charging the lowest money transfer fee always the cheapest option?

this is where you have to be careful as the total cost of the money transfer is not just the fee but also the exchange rate. It is possible to pay no transfer fee but still lose money overall when compared with a company charging a transfer fee but a more favorable exchange rate. You would be wise to check the exchange rates in the newspapers and online on the day of the money transfer to ensure you are getting a good deal when you transfer money overseas. Be aware also that depending on which company you use you may be charge at the receives end for collection of the money too.

Should I keep receipts?

Yes! Always keep receipts, reference numbers and anything else related to your money transfer in case things should go wrong. If you don’t you may risk losing out completely.

What questions should I ask the money transfer company?

When do you guarantee that the money will arrive?

What are my rights if the recipient doesn’t receive the money?

Will the money collector be charged a fee?

What identification is required for the recipient to collect the money?

What is the refund procedure should it not be collected?

The key to getting the best deal on you money transfer is really to shop around and check prices including the exchange rate. If you do that then you 상품권현금화 will have a clear idea of which company you wish to use. There are plenty of options available so take your time and search around.


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